ASX opens marginally firmer

ASX opens marginally firmer - The West Australian

UPDATE 7.20am: The Australian sharemarket has opened mixed, with Westpac among the big early movers after reporting a fall in full year net profit.

At 7.25am, the benchmark S&P/ASX200 index was down 5.8 points, or 0.13 per cent, at 4454.3 points, while the broader All Ordinaries index had risen seven points, or 0.16 per cent, at 4476.3 points.

On the ASX 24, the December share price index futures contract was two points lower at 4443 points, with 8656 contracts traded.

Bell Potter senior adviser Stuart Smith said there would not be much life in the market over the coming days, ahead of the US elections and a Melbourne Cup day interest rate decision from the Reserve Bank of Australia.

“We will be quiet until we can get through probably tomorrow and Wednesday,” Mr Smith said.

Making news, Westpac said net profit for the 12 months to September 30, 2012, came in at $5.97 billion, down 15 per cent from the prior corresponding period, because of the tax implications of its takeover of smaller rival St George.